QT Imaging Holdings Inc. Common Stock (QTI)

FairStock Score: 25/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach this as a Graham-style exercise in not losing money. QT Imaging sells the QT Breast Scanner, a low-frequency sound-wave body imaging system, and has only 31 employees. The top line is moving: in fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $7.4M versus $3.7M in fiscal Q2 2025, the quarter ended 2025-06-30. For FY2025, revenue was $18.9M versus $4.9M in FY2024. That is real commercial progress, and the Olea collaboration may help distribution. But the bottom line is ugly. Fiscal Q2 2026 net loss was $11.1M, or diluted EPS -$0.75, worse than the $4.0M loss in fiscal Q2 2025. FY2025 net loss was $21.1M versus $9.0M in FY2024. The supplied latest-quarter net margin was -148.89%. FairStock calculations at the 2026-10-13 close of $2.45 show a P/B of 15.31, FCF yield of -35.5% on -$12.7M trailing free cash flow, debt-to-equity of 7.00, Altman Z-Score of -1.50, and Piotroski F-Score of 3/9. The FairStock Lynch category is none because the company lost money in each of the last four years; FairStock score is 25/100. I see no durable moat from these figures. Growth is not quality when each dollar of revenue brings a larger loss. The market cap is only $35.9M, but book value is thin and the business is burning cash. Without a visible path to positive free cash flow, the stock is speculative, not a Graham bargain. Price looks expensive relative to assets and earnings, while the 52-week range of $2.42-$36.75 shows how violently the market has repriced it.

In plain English: QT Imaging makes a breast scanner that uses sound waves to create images. Sales are growing, but the company loses far more money than it takes in and burns cash, so the business looks weak. At $2.45, the stock looks expensive compared with its sales, assets, and losses.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer